Federal debt tops $13 trillion mark

Let’s get this out of the way from the jump and take a trip down memory lane: It’s Bush’s fault. Yawn.

Bush did spend like a drunken sailor, so a chunk of debt is his. But, to those who would blame Bush for our debt situation, ponder this from the article:

“…At $13 trillion, that figure has risen by $2.4 trillion in about 500 days since President Obama took office, or an average of $4.9 billion a day. That’s almost three times the daily average of $1.7 billion under the previous administration, and led Republicans on Wednesday to place blame squarely at the feet of Mr. Obama and his fellow Democrats.”…

Bush is at fault for the past. Now, what are we going to do about the present and the future?

"Federal debt tops $13 trillion mark
GOP sounds ‘alarm’ on red ink

The federal government is now $13 trillion in the red, the Treasury Department reported Wednesday, marking the first time the government has sunk that far into debt and putting a sharp point on the spending debate on Capitol Hill."…

Entire article here: washingtontimes.com/news/2010/jun/2/federal-debt-tops-13-trillion-mark/

And our Congress keeps passing bills that we cannot pay for. I question their sanity.

They know exactly what they're doing. Impoverished and desperate people are easy to control.

In 2000 we had a surplus (and Social Security funds helped with the surplus) and projected surpluses until 2010

Then:

$1 trillion on Iraq unfunded
$1 trillion on Afghanistan unfunded
$600 billion on Medicare Part D unfunded
$200 billion on Bush Stimulus III (doesn’t count Stimulus I 2001 tax cuts and the Stimulus II the 2003 tax cuts)
$700 billion on Bush’s TARP unfunded (a fraction has been returned)
$700 billion on Obama’s Stimulus (much of it unspent)
$200 billion on interest
unknown trillions sitting on the Federal Reserve’s book buying up toxic assets.

All using China’s credit card and raiding SS funds. Projected deficits for at least the next 10 years.

[quote="ProVobis, post:4, topic:200583"]
In 2000 we had a surplus (and Social Security funds helped with the surplus) and projected surpluses until 2010

Then:

$1 trillion on Iraq unfunded
$1 trillion on Afghanistan unfunded
$600 billion on Medicare Part D unfunded
$200 billion on Bush Stimulus III (doesn't count Stimulus I 2001 tax cuts and the Stimulus II the 2003 tax cuts)
$700 billion on Bush's TARP unfunded (a fraction has been returned)
$700 billion on Obama's Stimulus (much of it unspent)
$200 billion on interest
unknown trillions sitting on the Federal Reserve's book buying up toxic assets.

All using China's credit card and raiding SS funds. Projected deficits for at least the next 10 years.

[/quote]

Now be fair 10% of the President Bush tax cuts were recovered in tax revenue.:D

Not to mention decrease in real earnings for family and individuals (except the top 5%) means less spending and less tax revenue (federal, state and local). But ironically majority Republicans eithe support or remain silent as we continuously allow China to have a favorite trade status. China, an abortion mill, communist dictatorship and oppressive labor practices and subjects their population to much pollution. How ironic is that? Jobs with living wages which means they can afford to buy homes (which add jobs to build homes), to buy cars (which maintains and/or add jobs), buys computers, TV's, washers/dryers and other appliances.

There is even $222 billion in trade debt tacked on by us importing manufactured goods from these so called socialist countries like France and Germany. Although true, also being sarcastic.

Good point. I forgot about the exported jobs and loss of tax revenues there. Also an increase in property taxes and increased mortgage payments which offsets whatever individual taxable income there is.

Oh and add on the increase costs of health care, heating, electricity.

Last year Ford lost money and negotiated more concessions with UAW workers (now starting at $14/hr and senior employees at $19/hr). The CEO received a $17 million compensation package.

I actively trade stocks and a friend of mine and myself saw over $9 million in stock sold by an Apple VP in a one day time frame. Researching that it was millions more during a certain time period. However they can not afford to manufacture iPods and iPads here???

So more money goes out the country in trade debt.

Here are U.S. credit card holders:

Foreign owners of US Treasury Securities (Feb 2010)Nationbillions of dollarspercentagePeople's Republic of China (mainland)877.523.4Japan768.520.5United Kingdom233.56.2Oil exporters218.85.8Brazil170.84.6Special Administrative Region of the People's Republic of China (Hong Kong)152.44.1Republic of China (Taiwan)121.43.2Russia120.23.2Grand Total3750.565.8

Here's to "Fundamentally Transforming Our Country" and "Hope and Change!"

Here! Here!

God Bless.
+Jesus, I Trust In You!
Love, Dawn

Well its why I did not vote for him. He is just another corporatist. Just like the previous Presidents, although not as corporatist as the previous Presidents.

However, I will say that it is hard to make changes when another party is has either delayed and/or fillibustered 290 times in the past year.

[quote="josephdavid, post:10, topic:200583"]
Well its why I did not vote for him. He is just another corporatist. Just like the previous Presidents, although not as corporatist as the previous Presidents.

However, I will say that it is hard to make changes when another party is has either delayed and/or fillibustered 290 times in the past year.

[/quote]

Thank God for that!

I want Obamanomics to fail-If they don't-this unbridled spending-our Country will be ruined.

Mark my words. If/when this all comes down, we certainly won't be ~here~ discussing, that's for sure. I won't, anyway.

God Bless.
+Jesus, I Trust In You.
Love, Dawn

[quote="DawnInTexas, post:11, topic:200583"]
Thank God for that!

I want Obamanomics to fail-If they don't-this unbridled spending-our Country will be ruined.

Mark my words. If/when this all comes down, we certainly won't be ~here~ discussing, that's for sure. I won't, anyway.

God Bless.
+Jesus, I Trust In You.
Love, Dawn

[/quote]

There is no middle way anymore. There is either extreme right or extreme left. Then you have the corporatists. Then there is people (including politicians) in the middle like myself who can not get anything done because of this lunacy. The country is at a path negative results. Not since Eisenhower or even a bit of the federal government in the 90's (not entirely) have there been true fiscal responsibility.

Let’s not forget the lobbyists. The Federal Reserve is not a Federal Government agency.

It doesn’t matter if the national debt is at $13 trillion. Military spending has been up and for what? To chase a bunch of guys trying to place improvised explosive devices?

They, meaning Wall Street and the banks, know precisely what they’re doing. GM, Ford and Chrysler had to restructure under the umbrella of the ‘economic meltdown’ so that they could get rid of guys making big bucks just to lean on a broom. I heard a guy at a local convenience store tell the owner he was making 50 bucks an hour four years ago. The unions always told the workers: “Listen. Dem guys at the top got three houses and three cars and vacation homes and cottages and what are you gettin’? Huh? You should get profit sharing, see? An’ more paid time off. And more benefits. And more pay!”

Americans owe three quarters of a trillion dollars in debt. There are 300 million people in this country. How much do you think they spend every day? Multiply that times 300 million.

God bless,
Ed

I emplore the true Tea Partiers and those truly want to reform government is to demand term limits and paid lobbying. Also make a Constitutional Amendment that corporations (aka property) are not citizens!

Then we will have true reform and get back to center.

[quote="josephdavid, post:14, topic:200583"]
I emplore the true Tea Partiers and those truly want to reform government is to demand term limits and paid lobbying. Also make a Constitutional Amendment that corporations (aka property) are not citizens!

Then we will have true reform and get back to center.

[/quote]

"reform"? What's that?

Wall Street: "I know! Let's create Credit Default Swaps!"

Lehman Brothers: Imagine their surprise, and mine, when they found out how "exposed" they were. Their only business every day is to watch the numbers, but somehow, IIRC, for every dollar they actually held, they owed 32!! Who put a gun to their head to take on so much risk?? Anybody?

Mortgage Industry: "I know. Housing prices will only go up forever and ever. Therefore, we will give mortgages to people who can barely make their minimum monthly credit card payment!!" Who put a gun to their head to take on so much risk? What? They were hoping that maybe 10 or 15% could actually pay their mortgage?

And then, it was discovered that those who were valuating homes were upping the numbers a little bit. They were cheating the system.

A friend of mine in the Mortgage Business gave this reply after I asked him what happened: Greed.

God bless,
Ed

Let's be honest with ourselves. This is not the GOP's fault, or the Dem's fault, or the lobbyists' fault. It is our fault - all of us. Everyone screams for balanced budget, but doesn't want their Medicare cut, doesn't want the retirement age increased, doesn't want the government jobs in their area cut. When the people REALLY want fiscal discipline, even if it means a pinch for them personally, then we will balance the budget. The voters/citizens are the ones demanding all this spending and resisting paying taxes. These politicians didn't get their jobs in a vacuum, and the House stands for reelection every two years. The public can't keep blaming mythical others for this problem - its our problem and only we can fix it.

[quote="edwest2, post:13, topic:200583"]
Let's not forget the lobbyists...

God bless,
Ed

[/quote]

I won't forget the evil lobbyists Obama spoke about, when he was talking about his Administration and their transparency that was coming!

You know-the lobbyists that were given positions in his Administration. And, the others that are still there.

Lol!

God Bless.
+Jesus, I Trust In You.
Love, Dawn

[quote="TMC, post:16, topic:200583"]
Let's be honest with ourselves. This is not the GOP's fault, or the Dem's fault, or the lobbyists' fault. It is our fault - all of us. Everyone screams for balanced budget, but doesn't want their Medicare cut, doesn't want the retirement age increased, doesn't want the government jobs in their area cut. When the people REALLY want fiscal discipline, even if it means a pinch for them personally, then we will balance the budget. The voters/citizens are the ones demanding all this spending and resisting paying taxes. These politicians didn't get their jobs in a vacuum, and the House stands for reelection every two years. The public can't keep blaming mythical others for this problem - its our problem and only we can fix it.

[/quote]

You talkin' to me? :rotfl:

Baloney.

Obama's doings are not my fault. Oh no, you're not going to get away with this one.

This is a bunch of Baloney.

God Bless.
+Jesus, I Trust In You!
Love, Dawn

[quote="josephdavid, post:10, topic:200583"]
Well its why I did not vote for him. He is just another corporatist. Just like the previous Presidents, although not as corporatist as the previous Presidents.

However, I will say that it is hard to make changes when another party is has either delayed and/or fillibustered 290 times in the past year.

[/quote]

You're right on both counts.

But when you have mostly Keynesians in the Presidency and Congress, the debt will continue mounting. After all, which President and Congress can resist spending and going into further deficits when the Federal Reserve prints and lends them money at less than 1%? That is, the money which China and Japan aren't able to lend us but they will lend only if we send them our jobs. Quite a convoluted process, to say the least.

[quote="ProVobis, post:19, topic:200583"]
You're right on both counts.

But when you have mostly Keynesians in the Presidency and Congress, the debt will continue mounting. After all, which President and Congress can resist spending and going into further deficits when the Federal Reserve prints and lends them money at less than 1%? That is, the money which China and Japan aren't able to lend us but they will lend only if we send them our jobs. Quite a convoluted process, to say the least.

[/quote]

The problem is not Kenesian in its principle if it was followed correctly but it is being used on steroids. Right now the deficits enormous because little tax revenue is coming in due to the high -unemployment. Also allowing the same fiscal policy of the past 20 plus years. Cheap credit instead of actual wealth. We seem to be repeating that.

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